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Brian Kelly ETF Prediction | Approval Will Be Most Likely In February 2019

Another Brian Kelly ETF prediction surfaced yesterday. In an interview on CNBC’s Fast Money, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019.

Brian Kelly ETF Prediction Two

But why February? That is quite specific, isn’t it?

Well, according to Kelly, in July the SEC postponed its decision on two high-profile BTC ETF applications from investment firm VanEck and financial services company SolidX, to September.

But the Government regulator has, in fact, the option to defer its final decision again until February at the latest.

Kelly believes it will take that option in order to buy itself time as it continues to survey the volatile market.

Rejection

Only on August 22nd, the SEC rejected another nine BTC ETF proposals from three separate applicants. Along with these rejections the SEC also controversially rejected Gemini Exchange founders, the Winklevoss twins, who also made a proposal in July.

The SEC has been citing major concerns as the basis for all the rejections; it claims that cryptocurrencies:

  • Are vulnerable to “fraudulent and manipulative acts and practices”
  • That the BTC futures market is “not mature enough”
  • That cryptocurrency is not defined yet as a viable asset.

>> China Banning Cryptocurrency Events—Further Bans Expected

Kelly Speaks Up

But Kelly argued that:

“[When] the SEC talked about fraud and manipulation, it wasn’t so much about preventing it, but how do they surveil it? Do they have an arrangement with other [globally or nationally regulated] exchanges [that would enable them to] surveil what’s going on?”

He then also challenged the Bitcoin Future’s market, as statistics from CME suggest that the futures market is evolving very fast, meaning ETF approval by 2019 is much more likely:

“[From] April, you’re starting to see a big increase… about an 85 percent growth rate. If you extrapolate that out, by February 2019, you’re going to have a very robust market here.”

What do you think? Is Brian Kelly right? Will the SEC shift its sentiment in favor of a Bitcoin ETF by February?

Featured Image: Toshi Times

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Bitcoin ETF Proposals Rejected | SEC Still Has No Faith in Crypto

The US Securities and Exchange Commission (SEC) has rejected nine applications for Bitcoin ETF proposals. The SEC published three separate orders yesterday, highlighting the rejections from the three different applicants.

SEC Says No to Bitcoin ETF Proposals

This ruling is a blow to Bitcoin bulls who’d hoped the products would have provided a breakthrough for institutional adoption. Last night, the SEC published its rejection of two proposals from ProShares, two from GraniteShares, and five other products from Direxion.

The rejections come just one day ahead of the deadline stipulated for a pair of Bitcoin ETFs submitted by ProShares. Proshares was working with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca.

The SEC said the proposals did not do enough to show they were “designed to prevent fraudulent and manipulative acts and practices.” All applications denied were directly linked to Bitcoin futures contracts. The SEC said that none of the nine applications had enough information to show that the futures markets are of “significant size.”

>> SEC ETF Delay

“That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary,” the SEC wrote.

In short, if the Bitcoin futures market is too small, the SEC fears it could be easily manipulated. Last December, the commodities trading venues CBOE and CME launched the first Bitcoin futures, but the daily trade volume still remains small.

This isn’t the first SEC Bitcoin ETF rejection though. In July, the US Olympian Winklevoss Twins, who own the crypto exchange Gemini, were denied their Bitcoin ETF proposal as well.

Crypto Down

Unsurprisingly, the crypto market has dropped since the SEC ruling. At press time, the total cryptocurrency market is sitting just over $200 billion. Bitcoin (BTC) is currently trading below the $6,500 mark, and Ethereum (ETH) is just below $375.

98% of the coins within the top 100 cryptocurrencies are seeing losses this morning.

Featured Image: Depositphotos/© beneathblue

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